T. H. Data Flash - JD.com, Inc. – March & 1Q19: Expect No Negative Surprises For JD’s 1Q19 Earnings; Be Aware Of New Underlying Trends In Ecommerce
JD provided low 1Q19 revenue guidance at 18% - 22% Y/Y growth (RMB 118B - RMB 122B), which was lower than the growth of 22.4% Y/Y in 4Q18 and 25.1% Y/Y in 3Q18. Based on our data and model, we believe JD’s topline is likely to be in-line with or slightly better than consensus at RMB 120.03B in 1Q19. Also, as the company didn’t have additional spending beside JD logistics, we believe JD is unlikely to have a problem accomplishing at least 1% non-GAAP net margin.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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